Wednesday, January 17, 2007

Brooklyn Bridge Park, Part II: The Sweetheart Deal Building

07_01_One Brooklyn Bridge Park

In case you were wondering what building yesterday's Post story was talking about in discussing the "development team with close ties to ex-Gov. George Pataki" that "stands to rack up nearly $700 million in gross revenue by selling more than 400 luxury condos to be built within the state-planned Brooklyn Bridge Park," that's it above. The development is the flashy One Brooklyn Bridge Park which is being built by developer Robert Levine and some partners. According to the Empire State Development Corp., sales at the complex will reach $674 million, with one study estimating profits of $365 million. The developer told the Post the profit on the 441 luxury units at One Brooklyn Bridge Park would be one-third that figure. What is even more interesting than the profit, though, is the developer's relationship to the just-departed Pataki Administration. Says the Post:
"It looks more and more like a risk-free deal written by Robert Levine that the ESDC just went along with it," said Cobble Hill activist Roy Sloane.

Levine's partners include Thomas J. Murphy, a Pataki ally and former executive director of the state Dormitory Authority, and AIG Insurance, which records show donated $120,000 to Pataki from 2000 through 2004.
By going through the ESDC, the developer is circumventing city zoning. The controversial residential component of the development is being used to finance the waterfront park component. Fun reading in its entirety, esxpecially once you attach the building to the story.

Related Post:
Brooklyn Bridge Park, Part III: Where the Tall Buildings Will Go


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